London Co Q1 2026: A Quality, Low-Volatility Book

The London Company of Virginia, a quality-focused manager known for lower-volatility investing, reported a $16.23B U.S. equity book for the quarter ended March 31, 2026 (Form 13F-HR, accession 0001398344-26-009231, filed 2026-05-15). The reported value eased 6.4%, and the portfolio reflects the firm's signature style: a balanced collection of durable, cash-generative businesses rather than a high-beta growth book.

The holdings span quality across sectors — Apple (AAPL) at 3.55%, Berkshire Hathaway's Class B shares at 3.20%, Corning (GLW) at 3.18%, railroad Norfolk Southern (NSC) at 3.01%, and utility Dominion Energy (D) at 2.64%. It is the kind of steady, recognizable-business lineup a lower-volatility strategy is built on.

The quarter's two notable moves point in opposite directions: a 45% increase in Dominion Energy and a 35% cut to Corning.

A quality, lower-volatility book

Beyond the top five, the book continues with Johnson & Johnson (JNJ), Chevron (CVX), Air Products (APD), and BlackRock (BLK) — established companies with durable cash flows across technology, healthcare, energy, industrials, and financials.

With 167 positions and the ten largest at roughly 27% of the book, London Co runs a diversified portfolio without outsized single-name risk. The emphasis on stable, quality businesses is what gives the strategy its lower-volatility character — the opposite of a concentrated growth or deep-value bet.

Into utilities, out of Corning

The clearest moves were a 45% increase in Dominion Energy — adding to a regulated utility, a classic lower-volatility, income-oriented holding — and a 35% reduction in Corning. Berkshire Hathaway was increased 9%, while most other top positions, including Apple, J&J, and Chevron, saw only minor trims.

Adding to a regulated utility while trimming a more cyclical materials-and-technology name like Corning fits a quality manager leaning slightly more defensive. The overall book stayed broadly intact, consistent with the firm's measured, low-turnover style.

What it means for 13F readers

London Co of Virginia offers a read on quality, lower-volatility investing — durable businesses held in a diversified, measured way. The Dominion add and Corning trim are the quarter's signals, both consistent with a slightly more defensive posture. Track the firm's quarter-over-quarter holdings on the London Co of Virginia filer page.

FAQ

What is The London Company of Virginia?

The London Company of Virginia is a quality-focused investment manager known for a lower-volatility approach. It reported a $16.23B U.S. equity 13F book for the quarter ended March 31, 2026.

What are London Co's largest holdings?

Its five largest positions are Apple (3.55%), Berkshire Hathaway Class B (3.20%), Corning (3.18%), Norfolk Southern (3.01%), and Dominion Energy (2.64%) — durable, quality businesses.

What did London Co do in Q1 2026?

It raised Dominion Energy by 45% and Berkshire Hathaway by 9%, while cutting Corning by 35% and making only minor trims to most other top positions.

What kind of strategy does London Co run?

A quality, lower-volatility strategy — a diversified book of established, cash-generative businesses across sectors, held with low turnover rather than concentrated high-beta bets.